FIFTH THIRD BANCORP

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

BUSINESS SEGMENT REVIEW

The Bancorp has three reportable segments: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management. Additional information on each segment is included in Note 22 of the Notes to Condensed Consolidated Financial Statements. Results of the Bancorp’s segments are presented based on its management structure and management accounting practices, which are specific to the Bancorp. Therefore, the financial results of the Bancorp’s segments are not necessarily comparable with similar information for other financial institutions. The Bancorp refines its methodologies from time to time as management’s accounting practices and businesses change.

The Bancorp manages interest rate risk centrally at the corporate level. By employing an FTP methodology, the segments are insulated from most benchmark interest rate volatility, enabling them to focus on serving customers through the origination of loans and acceptance of deposits. The FTP methodology assigns charge and credit rates to classes of assets and liabilities, respectively, based on the estimated amount and timing of the cash flows for each transaction.

The Bancorp adjusts the FTP charge and credit rates as dictated by changes in interest rates for various interest-earning assets and interest-bearing liabilities and by the review of behavioral assumptions, such as prepayment rates on interest-earning assets and the estimated durations for indeterminate-lived deposits. In general, the charge rates on assets decreased since December 31, 2025 as they were affected by the prevailing level of interest rates and repricing characteristics of the portfolio and to a lesser extent the impact of reduced liquidity premium assumptions throughout 2025. The credit rates for deposit products have also decreased since December 31, 2025 due to decreasing short-term interest rates and reduced liquidity premium assumptions.

For more information about the Bancorp’s FTP process and other allocation methodologies, refer to the Business Segment Review section included in MD&A of the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2025.

Results of the Bancorp’s segments for the three months ended March 31, 2026 included two months of activity attributable to the Comerica acquisition.

The following table summarizes income (loss) before income taxes on an FTE basis by segment:

(a)General Corporate and Other is not a reportable segment and is presented for reconciliation purposes.

(b)Includes FTE adjustments of $5 for both the three months ended March 31, 2026 and 2025.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Commercial Banking

Commercial Banking offers credit intermediation, cash management and financial services to large and middle-market businesses and government and professional customers.

The following table contains selected financial data for the Commercial Banking segment:

(a)Includes FTE adjustments of$3 for both the three months ended March 31, 2026 and 2025.

Income before income taxes on an FTE basis was $427 million for the three months ended March 31, 2026 compared to $262 million for the same period in the prior year. The increase was driven by increases in net interest income on an FTE basis and noninterest income, partially offset by increases in noninterest expense and provision for credit losses.

Net interest income on an FTE basis increased $326 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by an increase in the average balances of commercial loans and leases, an increase in FTP credits on deposits and a decrease in rates paid on average interest-bearing deposits. These positive impacts were partially offset by an increase in FTP charges on commercial loans and leases, an increase in the average balances of deposits and a decrease in yields on average commercial loans and leases.

Provision for credit losses increased $78 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by an increase in the allocated provision for credit losses related to commercial criticized assets. Annualized net charge-offs as a percent of average portfolio loans and leases decreased to 24 bps for the three months ended March 31, 2026 compared to 31 bps for the same period in the prior year.

Noninterest income increased $140 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to increases in commercial payments revenue, capital markets fees and commercial banking revenue. Noninterest expense increased $223 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by increases in other noninterest expense, compensation and benefits expense and card and processing expense.

The average balance sheet data for the Commercial Banking segment was impacted by the Comerica acquisition as the segment was allocated $43.4 billion of loans and leases, $15.7 billion of noninterest-bearing deposits and $21.3 billion of interest-bearing deposits on February 1, 2026. Average loans and leases increased $27.7 billion for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to increases in average commercial and industrial loans and average commercial mortgage loans. Average interest-bearing deposits increased $14.3 billion for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by increases in average money market deposits and average interest checking deposits.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Consumer and Small Business Banking

Consumer and Small Business Banking provides a full range of deposit and loan products to individuals and small businesses through a network of full-service banking centers and relationships with indirect and correspondent loan originators in addition to providing products designed to meet the specific needs of small businesses, including cash management services.

The following table contains selected financial data for the Consumer and Small Business Banking segment:

Income before income taxes was $472 million for the three months ended March 31, 2026 compared to $522 million for the same period in the prior year. The decrease was primarily driven by an increase in noninterest expense, partially offset by increases in net interest income and noninterest income.

Net interest income increased $98 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by an increase in FTP credits on deposits, an increase in the average balances of loans and leases and a decrease in the rates paid on average interest-bearing deposits. These positive impacts were partially offset by an increase in FTP charges on loans and leases and an increase in the average balances of deposits.

Provision for credit losses increased $5 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by an increase in the allocated provision for credit losses related to commercial criticized assets. Annualized net charge-offs as a percent of average portfolio loans and leases decreased to 65 bps for the three months ended March 31, 2026 compared to 71 bps for the same period in the prior year.

Noninterest income increased $17 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by increases in consumer banking revenue, commercial payments revenue and wealth and asset management revenue, partially offset by a decrease in mortgage banking net revenue. Noninterest expense increased $160 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by increases in compensation and benefits expense, other noninterest expense, net occupancy expense and marketing expense.

The average balance sheet data for the Consumer and Small Business Banking segment was impacted by the Comerica acquisition as the segment was allocated $2.5 billion of loans and leases, $5.5 billion of noninterest-bearing deposits and $18.2 billion of interest-bearing deposits on February 1, 2026. Average loans and leases increased $5.2 billion for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to increases in average home equity, average indirect secured consumer loans and average commercial and industrial loans. Average interest-bearing deposits increased $14.7 billion for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by increases in average money market deposits, average interest checking deposits and average CDs.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Wealth and Asset Management

Wealth and Asset Management provides a full range of wealth management solutions for individuals, companies and not-for-profit organizations, including wealth planning, investment management, banking, insurance, trust and estate services.

The following table contains selected financial data for the Wealth and Asset Management segment:

Income before income taxes was $64 million for the three months ended March 31, 2026 compared to $52 million for the same period in the prior year. The increase for the three months ended March 31, 2026 was driven by increases in noninterest income and net interest income, partially offset by an increase in noninterest expense.

Net interest income increased $34 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by an increase in the average balances of loans and leases, an increase in FTP credits on deposits and a decrease in rates paid on average interest-bearing deposits, partially offset by an increase in FTP charges on loans and leases as well as an increase in the average balances of deposits.

Noninterest income increased $55 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to an increase in wealth and asset management revenue. Noninterest expense increased $77 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by increases in other noninterest expense and compensation and benefits expense.

The average balance sheet data for the Wealth and Asset Management segment was impacted by the Comerica acquisition as the segment was allocated $4.6 billion of loans and leases, $1.1 billion of noninterest-bearing deposits and $2.3 billion of interest-bearing deposits on February 1, 2026. Average loans and leases increased $3.6 billion for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by increases in average commercial mortgage loans, average residential mortgage loans and average commercial and industrial loans. Average interest-bearing deposits increased $870 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by increases in average money market deposits and average interest checking deposits, partially offset by a decrease in average savings deposits.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

General Corporate and Other

General Corporate and Other includes the unallocated portion of the investment securities portfolio, securities gains and losses, certain non-core deposit funding, unassigned equity, unallocated provision for credit losses or a benefit from the reduction of the ACL, the payment of preferred stock dividends and certain support activities and other items not attributed to its segments.

Net interest income on an FTE basis increased $39 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by an increase in FTP charges on loans and leases allocated to the segments, increases in interest income on securities and commercial loans and a decrease in interest expense on FHLB advances. These positive impacts were partially offset by an increase in FTP credits on deposits allocated to the segments. The decrease in FTP charges allocated to the segments was primarily driven by decreases in short-term interest rates, primarily affecting the variable-rate asset portfolios. To a lesser extent, decreases in market interest rates and liquidity premium assumptions reduced FTP charges on new fixed-rate loan and lease production relative to the existing portfolio. The decrease in FTP credits allocated to the segments was driven by lower FTP credit rates paid on deposits as a result of lower market interest rates and reduced liquidity premium assumptions. Given the daily repricing option on non-maturity deposits, the FTP credits on deposits earned by the segments generally increases or decreases at a faster pace than the amount of allocated FTP charges on loans and leases. Under the Bancorp’s internal reporting methodology, the Bancorp insulates the segments from interest rate risk associated with fixed-rate lending by transferring this risk to General Corporate and Other through the FTP methodology.

The benefit from credit losses was $20 million for the three months ended March 31, 2026 compared to a provision for credit losses of $10 million for the same period in the prior year. The benefit from credit losses for the three months ended March 31, 2026 was primarily driven by an increase in allocations to the segments, partially offset by an increase in the provision for the reserve for unfunded commitments recorded as part of the initial recognition of the reserve for unfunded commitments assumed in the Comerica acquisition.

Noninterest income decreased $11 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily driven by an increase in net securities losses and impairment charges recognized on bank premises and equipment associated with the acquisition of Comerica, partially offset by a gain on the swap associated with the sale of Visa, Inc. Class B Shares.

Noninterest expense increased $631 million for the three months ended March 31, 2026 compared to the same period in the prior year primarily due to merger-related expenses related to the Comerica acquisition. Refer to the Noninterest Expense subsection of the Statements of Income Analysis section of MD&A for information on the merger-related expenses.